Automotive Navigation System Market

Automotive Navigation System Market Outlook 2031

The Automotive Navigation System Market was USD 34.35 Billion in 2022 and is likely to reach USD 63.15 Billion by 2031, expanding at CAGR of 7% during 2023 – 2031. The growth of the market is attributed to factors including the expansion of the automotive sector, rising traffic jams, rising adoption of car Global positioning system navigation systems, rising population, rising demand for real-time traffic information, and rising investment in the advancement of automotive facilities in developing countries.

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An automotive navigation system is an arbiter-party insert or component of an automobile's instrument that provides location and assistance during driving. The system generally uses a satellite communication device to start receiving location information, which is then associated with a road location, and then the person can measure or calculate the path they have to start taking from one point to the other – along with many other relevant aspects such as time-to-destination – utilizing computer graphics mapping. In the event of a failure of connection, vehicle navigation systems contain a backup database.

Previously, automobile navigation systems merely provided instructions; but, because of recent technological advances and actual data collection, the device also provides information about hotels, petrol stations, route possibilities, traffic alerts, and travel time. These systems can be linked to and controlled via cellphones Wi-Fi, and via Bluetooth, allowing users to communicate and text hands-free. These devices now come featuring LCD screens, allowing users to are using them for amusement as well.

Automotive Navigation System Market Trends, Drivers, Restraints, and Opportunities

• Technical developments in navigation systems are anticipated to propel the market growth during the forecast period.
• Growing demand for electric vehicles, growing usage of wireless connection technology, and the accessibility of superior telecommunications infrastructure throughout the region are projected to boost the market expansion in the coming years.
• Rising government regulations linked to passenger and safety standards, as well as manufacturers' implementation of modern navigation systems, are the main factors fueling the market expansion in the coming years.
• Rising cyber-security concerns and the increased price of navigation systems are two main factors that hamper the market expansion in the coming years.
•  Increasing accessibility of minimal-cost alternatives including smartphones and transportable GPS systems act as key challenges that can impede the market growth during the forecast period.
• High capital expenditure in technical developments and unique product offerings are expected to create significant opportunities for the market players.

Scope of the Automotive Navigation System Market Report

The report on the global automotive navigation system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Automotive Navigation System Market Segment Insights

Aftermarket segment is projected to represent a key market share

Based on the types of sales channels, the global automotive navigation system market is bifurcated into aftermarket and OEM. The aftermarket segment is expected to account for a key share of the market in the coming years due to the increasing e-commerce sector, e-commerce enterprises are under pressure to deliver goods to their clients on time. For Business to Customer (B2C) distribution, several e-commerce enterprises are creating agreements with current logistic suppliers.

Logistics businesses are now extending their services to meet this demand by adding more cars to their fleets. To reach their customers on time, these cars are generally outfitted with satellite navigation systems. Additionally, many e-commerce enterprises have established concepts such as "same-day delivery," "anywhere delivery" and sometimes even "same-hour delivery" to seek the attention of a lot of costumers.

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Passenger cars segment is expected to expand at a significant pace

On the basis of types of vehicles, the market is segregated into commercial vehicles and passenger cars. The passenger cars segment is expected to constitute a key share of the market during the forecast period owing to rising needs from dependent industries including taxis, shipping, and e-commerce need the deployment of many addresses. One of the main reasons pushing the growth of the automotive navigation system market is the increasing demand for car rental companies such as Uber and Ola around the globe.
 

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Europe is expected to dominate the market
On the basis of regions, the global automotive navigation system market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is anticipated to dominate the market at an impressive CAGR during the forecast period. The regional market growth can be attributed to the biggest market share, which was roughly 30%. The expansion in relationships between OEMs and system suppliers, as well as the development of navigation infrastructure, are driving this growth.

When it comes to navigation as a security precaution in cars, the safety and protection service is the major contributor in the European automotive market. As a result, government officials intend to mandate that all vehicles be equipped with GPS devices. All new vehicles can be required to have 3G/4G and GPS devices as part of the development effort, laying the groundwork for vehicle navigation systems.
 

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Segments

The global automotive navigation system market has been segmented based on

Types of Sales Channels

• Aftermarket
• OEM

Types of Vehicles

• Commercial Vehicles
• Passenger Cars

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Mitsubishi Electric Corporation
• Panasonic Corporation
• JVC Kenwood Corporation
• TomTom International BV
• Aisin AW Co. Ltd
• Continental Reifen Deutschland GmbH
• Clarion
• Harman International Industries Inc.
• DENSO Corporation
• Alpine Electronics Inc.

Competitive Landscape

Key players competing in the global automotive navigation system market include Mitsubishi Electric Corporation; Panasonic Corporation; JVC Kenwood Corporation; TomTom International BV; Aisin AW Co. Ltd; Continental Reifen Deutschland GmbH; Clarion; Harman International Industries Inc.; DENSO Corporation; and Alpine Electronics Inc. Some of these players are adopting several market strategies including acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to increase their market shares.